BioMarin Pharmaceutical (BMRN) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-26727
Entity Registrant Name	BioMarin Pharmaceutical Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	68-0397820
Entity Address, Address Line One	770 Lindaro Street
Entity Address, City or Town	San Rafael
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94901
City Area Code	415
Local Phone Number	506-6700
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	BMRN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		190,382,822
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001048477
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES:
Total revenues	$ 712,029	$ 595,275	$ 1,360,862	$ 1,191,690
OPERATING EXPENSES:
Cost of sales	130,459	130,619	255,639	266,091
Research and development	183,787	177,363	388,774	349,209
Selling, general and administrative	263,032	206,103	488,938	417,126
Intangible asset amortization	14,299	15,624	28,597	31,294
Gain on sale of nonfinancial assets	0	0	(10,000)	0
Total operating expenses	591,577	529,709	1,151,948	1,063,720
INCOME FROM OPERATIONS	120,452	65,566	208,914	127,970
Interest income	19,785	12,612	39,150	24,555
Interest expense	(3,574)	(3,755)	(7,121)	(7,458)
Other expense, net	(4,527)	(3,613)	(3,260)	(17,500)
INCOME BEFORE INCOME TAXES	132,136	70,810	237,683	127,567
Provision for income taxes	24,962	14,770	41,847	20,675
NET INCOME	$ 107,174	$ 56,040	$ 195,836	$ 106,892
EARNINGS PER SHARE, BASIC (in dollars per share)	$ 0.56	$ 0.30	$ 1.03	$ 0.57
EARNINGS PER SHARE, DILUTED (in dollars per share)	$ 0.55	$ 0.29	$ 1.01	$ 0.56
Weighted average common shares outstanding, basic (in shares)	190,114	187,948	189,490	187,311
Weighted average common shares outstanding, diluted (in shares)	200,505	194,998	200,137	194,756
COMPREHENSIVE INCOME	$ 135,019	$ 48,145	$ 251,423	$ 92,142
Net product revenues
REVENUES:
Total revenues	702,129	584,698	1,339,944	1,171,124
Royalty and other revenues
REVENUES:
Total revenues	$ 9,900	$ 10,577	$ 20,918	$ 20,566

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	[1]
Current assets:
Cash and cash equivalents	$ 972,150	$ 755,127
Short-term investments	252,201	318,683
Accounts receivable, net	691,232	633,704
Inventory	1,183,621	1,107,183
Other current assets	160,426	141,391
Total current assets	3,259,630	2,956,088
Noncurrent assets:
Long-term investments	557,083	611,135
Property, plant and equipment, net	1,052,898	1,066,133
Intangible assets, net	265,533	294,701
Goodwill	196,199	196,199
Deferred tax assets	1,545,006	1,545,809
Other assets	190,772	171,538
Total assets	7,067,121	6,841,603
Current liabilities:
Accounts payable and accrued liabilities	572,500	683,147
Short-term convertible debt, net	494,837	493,877
Total current liabilities	1,067,337	1,177,024
Noncurrent liabilities:
Long-term convertible debt, net	594,116	593,095
Other long-term liabilities	119,369	119,935
Total liabilities	1,780,822	1,890,054
Stockholders’ equity:
Common stock, $0.001 par value: 500,000,000 shares authorized; 190,355,517 and 188,598,154 shares issued and outstanding, respectively	190	189
Additional paid-in capital	5,696,701	5,611,562
Company common stock held by the Nonqualified Deferred Compensation Plan	(11,673)	(9,860)
Accumulated other comprehensive income (loss)	26,799	(28,788)
Accumulated deficit	(425,718)	(621,554)
Total stockholders’ equity	5,286,299	4,951,549	[2]
Total liabilities and stockholders’ equity	$ 7,067,121	$ 6,841,603
[1] (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024. The beginning balances for the six-month periods were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	190,355,517	188,598,154
Common stock, shares outstanding (in shares)	190,355,517	188,598,154

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total		Common stock:		Additional paid-in capital:	Company common stock held by the NQDC:	Accumulated other comprehensive income (loss):	Accumulated Deficit:
Shares of common stock, beginning balances (in shares) at Dec. 31, 2022	[1]			186,251,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans (in shares)				1,901,000
Shares of common stock, ending balances (in shares) at Jun. 30, 2023				188,152,000
Beginning balances at Dec. 31, 2022	[1]	$ 4,603,156		$ 186		$ 5,404,895	$ (8,859)	$ (3,867)	$ (789,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans, net of tax				2		(17,951)
Stock-based compensation						105,478
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)						1,534	(1,534)
Other comprehensive income (loss)		(14,750)						(14,750)
Net income		106,892							106,892
Ending balances at Jun. 30, 2023		4,782,827		$ 188		5,493,956	(10,393)	(18,617)	(682,307)
Shares of common stock, beginning balances (in shares) at Mar. 31, 2023	[1]			187,601,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans (in shares)				551,000
Shares of common stock, ending balances (in shares) at Jun. 30, 2023				188,152,000
Beginning balances at Mar. 31, 2023	[1]	4,659,043		$ 188		5,417,873	(9,949)	(10,722)	(738,347)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans, net of tax						24,489
Stock-based compensation						51,150
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)						444	(444)
Other comprehensive income (loss)		(7,895)						(7,895)
Net income		56,040							56,040
Ending balances at Jun. 30, 2023		$ 4,782,827		$ 188		5,493,956	(10,393)	(18,617)	(682,307)
Shares of common stock, beginning balances (in shares) at Dec. 31, 2023		188,598,154		188,598,000	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans (in shares)				1,758,000
Shares of common stock, ending balances (in shares) at Jun. 30, 2024		190,355,517		190,356,000
Beginning balances at Dec. 31, 2023	[1]	$ 4,951,549	[2]	$ 189		5,611,562	(9,860)	(28,788)	(621,554)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans, net of tax				1		(30,343)
Stock-based compensation						113,669
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)						1,813	(1,813)
Other comprehensive income (loss)		55,587						55,587
Net income		195,836							195,836
Ending balances at Jun. 30, 2024		$ 5,286,299		$ 190		5,696,701	(11,673)	26,799	(425,718)
Shares of common stock, beginning balances (in shares) at Mar. 31, 2024	[1]			189,777,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans (in shares)				579,000
Shares of common stock, ending balances (in shares) at Jun. 30, 2024		190,355,517		190,356,000
Beginning balances at Mar. 31, 2024	[1]	$ 5,073,816		$ 190		5,619,264	(11,700)	(1,046)	(532,892)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans, net of tax						25,326
Stock-based compensation						52,138
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)						(27)	27
Other comprehensive income (loss)		27,845						27,845
Net income		107,174							107,174
Ending balances at Jun. 30, 2024		$ 5,286,299		$ 190		$ 5,696,701	$ (11,673)	$ 26,799	$ (425,718)
[1] The beginning balances for the six-month periods were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024. (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 195,836	$ 106,892
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	53,813	51,840
Non-cash interest expense	1,981	2,058
Accretion of discount on investments	(4,678)	(4,533)
Stock-based compensation	106,163	103,857
Gain on sale of nonfinancial assets	(10,000)	0
Impairment of assets and other non-cash adjustments	14,204	12,650
Deferred income taxes	1,537	(5,108)
Unrealized foreign exchange loss (gain)	(19,958)	7,455
Other	(858)	361
Changes in operating assets and liabilities:
Accounts receivable, net	(56,081)	(145,831)
Inventory	(47,409)	(56,476)
Other current assets	1,615	(53,430)
Other assets	(22,880)	(5,616)
Accounts payable and other short-term liabilities	(54,261)	(25,093)
Other long-term liabilities	6,709	7,104
Net cash provided by (used in) operating activities	165,733	(3,870)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(47,431)	(46,039)
Maturities and sales of investments	317,649	491,063
Purchases of investments	(195,462)	(444,049)
Proceeds from sale of nonfinancial assets	10,000	0
Purchase of intangible assets	(8,512)	(1,457)
Net cash provided by (used in) investing activities	76,244	(482)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of awards under equity incentive plans	36,618	50,193
Taxes paid related to net share settlement of equity awards	(66,739)	(67,862)
Payments of contingent consideration	0	(9,475)
Principal repayments of financing leases	(60)	(1,635)
Net cash used in financing activities	(30,181)	(28,779)
Effect of exchange rate changes on cash	5,227	2,981
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	217,023	(30,150)
Cash and cash equivalents:
Beginning of period	755,127	724,531
End of period	972,150	694,381
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for interest	5,126	5,175
Cash paid for income taxes	22,884	28,183
SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:
Increase in accounts payable and accrued liabilities related to fixed assets	11,941	8,669
Decrease in accounts payable and accrued liabilities related to intangible assets	$ 8,290	$ 2,344

BUSINESS OVERVIEW AND SIGNIFICA

BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES	BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Founded in 1997, BioMarin Pharmaceutical Inc. (the Company or BioMarin) is a global biotechnology company dedicated to transforming lives through genetic discovery. The Company develops and commercializes targeted therapies that address the root cause of genetic conditions. The Company's robust research and development (R&D) capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders. The Company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. Basis of Presentation These Condensed Consolidated Financial Statements have been prepared pursuant to U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, although management believes that the disclosures herein are adequate to ensure that the information presented is not misleading. The Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or any other period. Change in Presentation Effective January 1, 2024, the Company changed its presentation for foreign currency transaction gains and losses resulting from remeasurement and idle plant costs within its Condensed Consolidated Statements of Comprehensive Income. Effective with this change in presentation, foreign currency transaction gains and losses resulting from remeasurement are presented in Other Expense, Net and idle plant costs are presented in Cost of Sales. Prior to this change in presentation, both foreign currency transaction gains and losses resulting from remeasurement and idle plant costs were presented in Selling, General and Administrative (SG&A) expense. The Company believes that this change in presentation is preferable because the revised presentation is more consistent with how management measures the Company’s operating performance. Prior period amounts were revised to conform to current period presentation. The following table reflects the impacts of the change in presentation for the prior periods presented. The change in presentation had no impact to Net Income, Total Stockholders’ Equity or earnings per share for the three and six months ended June 30, 2023. Three Months ended June 30, 2023 Six Months ended June 30, 2023 Cost of sales $ 2,537 $ 11,460 SG&A $ (9,233) $ (21,213) Total operating expenses $ (6,696) $ (9,753) Other expense, net $ 6,696 $ 9,753 Use of Estimates U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q to determine if there were any subsequent events that occurred subsequent to the balance sheet date and prior to filing this Quarterly Report on Form 10-Q, that would require recognition or disclosure in the Condensed Consolidated Financial Statements. Further to this evaluation, the Company has included a subsequent event noted relating to the maturity and settlement of the Company’s convertible notes due in August 2024 that is discussed in Note 6 - Deb t . Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2024, as compared to the significant accounting policies disclosed in Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Recent Accounting Pronouncements There have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (FASB) during the six months ended June 30, 2024, as compared to the recent accounting pronouncements described in Note 1 to the Company’s Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, that the Company believes are of significance or potential significance to the Company. The following paragraphs discuss new accounting pronouncements issued by the FASB, but not yet adopted by the Company. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Topic 280, Improvements to Reportable Segment Disclosures , to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The effective date for the update is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and should be applied on a retrospective basis to all periods presented. The Company is currently evaluating the effect of adopting the update on its related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes Topic 740, Improvements to Income Tax Disclosures . The guidance requires disclosure of disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of the update on its related disclosures.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS All marketable securities were classified as available-for-sale as of June 30, 2024 and December 31, 2023. The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented: June 30, 2024 Amortized Cost Gross Gross Aggregate Fair Value Cash and Cash Equivalents Short-term Marketable Securities (1) Long-term Marketable Securities (2) Level 1: Cash $ 285,666 $ — $ — $ 285,666 $ 285,666 $ — $ — Level 2: Money market instruments 676,505 — — 676,505 676,505 — — Corporate debt securities 537,626 670 (1,460) 536,836 — 162,959 373,877 U.S. government agency securities 184,487 39 (966) 183,560 9,979 88,310 85,271 Asset-backed securities 98,958 105 (196) 98,867 932 97,935 Subtotal 1,497,576 814 (2,622) 1,495,768 686,484 252,201 557,083 Total $ 1,783,242 $ 814 $ (2,622) $ 1,781,434 $ 972,150 $ 252,201 $ 557,083 December 31, 2023 Amortized Cost Gross Gross Aggregate Fair Value Cash and Cash Equivalents Short-term Marketable Securities (1) Long-term Marketable Securities (2) Level 1: Cash $ 229,676 $ — $ — $ 229,676 $ 229,676 $ — $ — Level 2: Money market instruments 499,483 — — 499,483 499,483 — — Corporate debt securities 587,896 3,476 (1,996) 589,376 — 193,251 396,125 U.S. government agency securities 251,952 556 (1,140) 251,368 19,976 111,343 120,049 Commercial paper 20,076 5 — 20,081 5,992 14,089 — Asset-backed securities 94,744 351 (134) 94,961 — — 94,961 Subtotal 1,454,151 4,388 (3,270) 1,455,269 525,451 318,683 611,135 Total $ 1,683,827 $ 4,388 $ (3,270) $ 1,684,945 $ 755,127 $ 318,683 $ 611,135 (1) The Company’s short-term marketable securities mature in one year or less. (2) The Company’s long-term marketable securities mature between one As of June 30, 2024, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss. The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of June 30, 2024 and December 31, 2023, the fair value of the Company’s strategic investments was $6.7 million and $11.3 million, respectively. These investments were recorded to Other Assets in the Company’s Condensed Consolidated Balance Sheets. In the second quarter of 2024, based on new developments, the Company became aware of factors that indicated a $4.5 million decline in the fair value of one of its strategic investments. In the first quarter of 2023, the Company concluded that factors existed indicating it would no longer realize a $12.6 million equity investment in its non-marketable securities. The losses on the Company’s non-marketable equity investments were recorded to Other Expense, Net on the Company’s Condensed Consolidated Statements of Comprehensive Income for the respective periods. See Note 1 - Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information related to the Company’s non-marketable securities policy.

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION	SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION Supplemental Balance Sheet Information Inventory consisted of the following: June 30, December 31, Raw materials $ 154,153 $ 155,704 Work-in-process 605,770 571,107 Finished goods 423,698 380,372 Total inventory $ 1,183,621 $ 1,107,183 Property, Plant and Equipment, Net consisted of the following: June 30, December 31, Property, plant and equipment, gross $ 1,962,948 $ 1,933,222 Accumulated depreciation (910,050) (867,089) Total property, plant and equipment, net $ 1,052,898 $ 1,066,133 Depreciation expense, net of amounts capitalized into inventory, for the three and six months ended June 30, 2024 was $11.5 million and $24.1 million, respectively. Depreciation expense, net of amounts capitalized into inventory, for the three and six months ended June 30, 2023 was $9.4 million and $19.7 million, respectively. Intangible Assets, Net consisted of the following: June 30, December 31, Finite-lived intangible assets $ 710,533 $ 710,011 Accumulated amortization (445,000) (415,310) Net carrying value $ 265,533 $ 294,701 In the first quarter of 2024, the Company received $10.0 million due to the achievement of a regulatory approval milestone by a third party related to previously sold intangible assets, which the Company recorded as a Gain on Sale of Nonfinancial Assets in the Condensed Consolidated Statements of Comprehensive Income. Accounts Payable and Accrued Liabilities consisted of the following: June 30, December 31, Accounts payable and accrued operating expenses $ 257,412 $ 315,509 Accrued compensation expense 147,737 201,067 Accrued rebates payable 113,432 96,179 Accrued income taxes 18,864 2,651 Lease liability 10,689 8,779 Foreign currency exchange forward contracts 7,684 33,853 Accrued royalties payable 7,667 14,299 Deferred revenue 1,912 4,620 Other 7,103 6,190 Total accounts payable and accrued liabilities $ 572,500 $ 683,147

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value in accordance with the policy described in Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Other than the Company’s fixed-rate convertible debt disclosed in Note 6 – Debt , there were no financial assets or liabilities that were remeasured using quoted prices in active markets for identical assets (Level 1) as of June 30, 2024 or December 31, 2023. The Company had no financial assets or liabilities that are remeasured on a recurring basis using unobservable inputs that reflect estimates and assumptions (Level 3) as of June 30, 2024 or December 31, 2023. Level 2 assets and liabilities that are remeasured using significant observable inputs consisted of the following: June 30, 2024 December 31, 2023 Assets: Other current assets: NQDC Plan assets $ 2,649 $ 2,026 Other assets: NQDC Plan assets 33,112 28,119 Restricted investments (1) 2,419 2,393 Total other assets 35,531 30,512 Total assets $ 38,180 $ 32,538 Liabilities: Current liabilities: NQDC Plan liability $ 2,649 $ 2,026 Other long-term liabilities: NQDC Plan liability 33,112 28,119 Total liabilities $ 35,761 $ 30,145 (1) The restricted investments as of June 30, 2024 and December 31, 2023 secure the Company's irrevocable standby letters of credit obtained in connection with certain commercial agreements. There were no transfers between levels during the three and six months ended June 30, 2024.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES	DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES The Company uses foreign currency exchange forward contracts (forward contracts) to protect against the impact of changes in the value of forecasted foreign currency cash flows resulting from revenues and operating expenses denominated in currencies other than the U.S. Dollar (USD), primarily the Euro. Certain of these forward contracts are designated as cash flow hedges and have maturities of up to 24 months. The Company also enters into forward contracts to manage foreign exchange risk related to asset or liability positions denominated in currencies other than USD. Such forward contracts are considered to be economic hedges, are not designated as hedging instruments and have maturities of up to three months. The Company does not use derivative instruments for speculative trading purposes. The Company is exposed to counterparty credit risk on its derivatives. The Company has established and maintains strict counterparty credit guidelines and enters into hedging agreements with financial institutions that are investment grade or better to minimize the Company’s exposure to potential defaults. The Company is not required to pledge collateral under these agreements. The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented. Forward Contracts June 30, December 31, Derivatives designated as hedging instruments: Sell $ 1,086,980 $ 1,249,662 Purchase $ 192,162 $ 198,408 Derivatives not designated as hedging instruments: Sell $ 281,438 $ 350,269 Purchase $ 28,824 $ 90,102 The fair value carrying amounts of the Company’s derivatives, which are classified as Level 2 within the fair value hierarchy, were as follows: Balance Sheet Location June 30, December 31, Derivatives designated as hedging instruments: Asset Derivatives Other current assets $ 27,599 $ 6,663 Other assets 8,236 1,855 Subtotal $ 35,835 $ 8,518 Liability Derivatives Accounts payable and accrued liabilities $ 6,407 $ 30,005 Other long-term liabilities 1,257 8,171 Subtotal $ 7,664 $ 38,176 Derivatives not designated as hedging instruments: Asset Derivatives Other current assets $ 2,352 $ 547 Liability Derivatives Accounts payable and accrued liabilities $ 1,277 $ 3,848 Total Derivatives Assets $ 38,187 $ 9,065 Total Derivatives Liabilities $ 8,941 $ 42,024 For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Statements of Comprehensive Income for the periods presented. Three Months Ended Six Months Ended June 30, 2024 2023 2024 2023 Derivatives Designated as Cash Flow Hedging Instruments Cash Flow Hedging Gains (Losses) Cash Flow Hedging Gains (Losses) Cash Flow Hedging Gains (Losses) Cash Flow Hedging Gains (Losses) Net product revenues $ 3,371 $ 677 $ 2,252 $ 4,147 Operating expenses $ (190) $ (26) $ 314 $ (482) Derivatives Not Designated as Hedging Instruments Gains (Losses) Recognized in Earnings Gains (Losses) Recognized in Earnings Gains (Losses) Recognized in Earnings Gains (Losses) Recognized in Earnings Operating expenses $ 13,812 $ 769 $ 21,541 $ (3,394) As of June 30, 2024, the Company expects to reclassify unrealized gains of $21.2 million from Accumulated Other Comprehensive Income (Loss) (AOCI) to earnings as the forecasted revenues and operating expense transactions occur over the next twelve months. For additional discussion of balances in AOCI see Note 7 – Accumulated Other Comprehensive Income .

DEBT

DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Convertible Notes As of June 30, 2024, the Company had outstanding fixed-rate notes with varying maturities for an undiscounted aggregate principal amount of $1.1 billion (collectively, the Notes). The Notes are senior subordinated convertible obligations, and interest is payable in arrears, semi-annually. The following table summarizes information regarding the Company’s convertible debt: June 30, December 31, 0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) $ 495,000 $ 495,000 Unamortized discount net of deferred offering costs (163) (1,123) 2024 Notes, net (1) 494,837 493,877 1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes) 600,000 600,000 Unamortized discount net of deferred offering costs (5,884) (6,905) 2027 Notes, net 594,116 593,095 Total convertible debt, net $ 1,088,953 $ 1,086,972 Fair value of fixed-rate convertible debt (2) : 2024 Notes $ 492,447 $ 488,288 2027 Notes 576,102 619,260 Total fair value of fixed-rate convertible debt $ 1,068,549 $ 1,107,548 (1) The Company’s convertible notes due in 2024 matured on August 1, 2024, subsequent to quarter-end. Substantially all holders of the 2024 Notes were repaid with cash, totaling approximately $495.0 million. No gain or loss was incurred upon the extinguishment. (2) The fair value of the Company’s fixed-rate convertible debt is based on open-market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Interest expense on the Company’s convertible debt consisted of the following: Three Months Ended Six Months Ended 2024 2023 2024 2023 Coupon interest expense $ 2,617 $ 2,617 $ 5,233 $ 5,233 Accretion of discount on convertible notes 843 834 1,684 1,673 Amortization of debt issuance costs 148 149 297 297 Total interest expense on convertible debt $ 3,608 $ 3,600 $ 7,214 $ 7,203 See Note 10 - Debt to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information related to the Company’s convertible debt.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables summarize changes in the accumulated balances for each component of AOCI, including current-period other comprehensive income and reclassifications out of AOCI, for the periods presented. Three Months Ended June 30, 2024 Unrealized Gains Unrealized Gains Total AOCI balance as of March 31, 2024 $ (183) $ (863) $ (1,046) Other comprehensive income (loss) before 31,551 (684) 30,867 Less: gain (loss) reclassified from AOCI 3,181 — 3,181 Tax effect — 159 159 Net current-period other comprehensive income (loss) 28,370 (525) 27,845 AOCI balance as of June 30, 2024 $ 28,187 $ (1,388) $ 26,799 Three Months Ended June 30, 2023 Unrealized Gains Unrealized Gains Total AOCI balance as of March 31, 2023 $ (2,647) $ (8,075) $ (10,722) Other comprehensive income (loss) before (6,737) (661) (7,398) Less: gain (loss) reclassified from AOCI 651 — 651 Tax effect — 154 154 Net current-period other comprehensive income (loss) (7,388) (507) (7,895) AOCI balance as of June 30, 2023 $ (10,035) $ (8,582) $ (18,617) Six Months Ended June 30, 2024 Unrealized Gains Unrealized Gains Total AOCI balance as of December 31, 2023 $ (29,658) $ 870 $ (28,788) Other comprehensive income (loss) before 60,411 (2,926) 57,485 Less: gain (loss) reclassified from AOCI 2,566 — 2,566 Tax effect — 668 668 Net current-period other comprehensive income (loss) 57,845 (2,258) 55,587 AOCI balance as of June 30, 2024 $ 28,187 $ (1,388) $ 26,799 Six Months Ended June 30, 2023 Unrealized Gains Unrealized Gains Total AOCI balance as of December 31, 2022 $ 8,226 $ (12,093) $ (3,867) Other comprehensive income (loss) before (14,596) 4,586 (10,010) Less: gain (loss) reclassified from AOCI 3,665 — 3,665 Tax effect — (1,075) (1,075) Net current-period other comprehensive income (loss) (18,261) 3,511 (14,750) AOCI balance as of June 30, 2023 $ (10,035) $ (8,582) $ (18,617) For additional discussion of reclassifications from AOCI see Note 5 – Derivative Instruments and Hedging Strategies .

REVENUE, CREDIT CONCENTRATIONS

REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION	6 Months Ended
	Jun. 30, 2024
Concentration Risk And Geographic Information [Abstract]
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION	REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION The Company operates in one business segment, which focuses on the development and commercialization of innovative therapies for people with serious and life-threatening rare diseases and medical conditions. The following table presents Total Revenues and disaggregates Net Product Revenues by product. Three Months Ended Six Months Ended 2024 2023 2024 2023 VOXZOGO $ 183,923 $ 113,337 $ 336,812 $ 201,173 VIMIZIM 178,016 177,392 370,536 366,584 NAGLAZYME 132,049 90,103 237,678 213,124 PALYNZIQ 88,291 74,868 164,000 137,220 BRINEURA 45,309 38,058 84,356 77,202 ALDURAZYME 38,558 40,318 73,820 74,721 KUVAN 28,551 50,622 64,461 101,100 ROCTAVIAN 7,432 — 8,281 — Total net product revenues 702,129 584,698 1,339,944 1,171,124 Royalty and other revenues 9,900 10,577 20,918 20,566 Total revenues $ 712,029 $ 595,275 $ 1,360,862 $ 1,191,690 The Company considers there to be revenue concentration risks for regions where Net Product Revenues exceed 10% of consolidated Net Product Revenues. The concentration of the Company’s Net Product Revenues within the regions below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. The table below disaggregates total Net Product Revenues by geographic region, which is based on patient location for the Company's commercial products sold directly by the Company, except for ALDURAZYME, which is marketed and sold exclusively by Sanofi worldwide. Three Months Ended Six Months Ended 2024 2023 2024 2023 United States $ 227,449 $ 191,655 $ 420,448 $ 358,439 Europe 220,990 183,434 416,738 344,126 Latin America 84,418 75,444 163,012 143,192 Middle East 49,701 25,630 106,776 117,272 Rest of world 81,013 68,217 159,150 133,374 Total net product revenues marketed by the Company $ 663,571 $ 544,380 $ 1,266,124 $ 1,096,403 ALDURAZYME net product revenues marketed by Sanofi 38,558 40,318 73,820 74,721 Total net product revenues $ 702,129 $ 584,698 $ 1,339,944 $ 1,171,124 The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented. Three Months Ended Six Months Ended 2024 2023 2024 2023 Customer A 14 % 15 % 14 % 15 % Customer B 11 % 12 % 11 % 11 % Customer C 10 % 10 % 9 % 9 % Total 35 % 37 % 34 % 35 % On a consolidated basis, three customers accounted for 15%, 12%, and 10% of the Company’s June 30, 2024 accounts receivable balance, respectively, compared to December 31, 2023, when two customers accounted for 15% and 12% of the accounts receivable balance, respectively. As of June 30, 2024, and December 31, 2023, the accounts receivable balance for Sanofi included $67.1 million and $63.4 million, respectively, of unbilled accounts receivable, which becomes payable to the Company when the product is sold through by Sanofi. The Company does not require collateral from its customers, but does perform periodic credit evaluations of its customers’ financial condition and requires prepayments in certain circumstances. The Company is mindful that conditions in the current macroeconomic environment, such as inflation, changes in interest and foreign currency exchange rates, natural disasters, geopolitical instability, and supply chain disruptions, could affect the Company’s ability to achieve its goals. In addition, the Company sells its products in countries that face economic volatility and weakness. Although the Company has historically collected receivables from customers in certain countries, sustained weakness or further deterioration of the local economies and currencies may cause customers in those countries to delay payment or be unable to pay for the Company’s products. The Company believes that the allowances for doubtful accounts related to these countries, if any, are adequate based on its analysis of the specific business circumstances and expectations of collection for each of the underlying accounts in these countries. The Company will continue to monitor these conditions and will attempt to adjust its business processes, as appropriate, to mitigate macroeconomic risks to its business.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company has stockholder-approved equity incentive plans that provide for the granting of restricted stock units (RSUs) and stock options as well as other forms of equity compensation to its employees, officers and non-employee directors. The Company also has an Employee Stock Purchase Plan (ESPP). Compensation expense included in the Company’s Condensed Consolidated Statements of Comprehensive Income for all stock-based compensation arrangements was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of sales $ 3,774 $ 4,721 $ 7,018 $ 9,052 Research and development 12,935 15,055 33,612 34,883 Selling, general and administrative 31,205 30,386 65,533 59,922 Total stock-based compensation expense $ 47,914 $ 50,162 $ 106,163 $ 103,857

RESTRUCTURING

RESTRUCTURING	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING During the first half of 2024, the Company completed a strategic portfolio assessment of its research and development programs to determine which have the most transformative potential for patients and value creation for shareholders. With the combined focus on patient impact and commercial opportunity, certain programs that met the highest bar for advancement have been prioritized. As a result of the assessment, certain programs have been discontinued. During the second quarter of 2024, in connection with the discontinuation of certain research and development programs, the Company committed to a plan to reduce its global workforce by approximately 170 employees (representing approximately 5% of the Company’s global workforce). Workforce reductions are expected to be substantially completed by end of 2024. The restructuring plan includes severance and employee-related costs, asset impairments, and other costs. The asset impairment charges were for abandoned assets-in-progress and a Right-of-Use asset (ROU Asset) related to leased office space the Company decided to exit and sub-lease. The Company utilized the discounted cash flow approach to determine the fair value of the ROU Asset. The ROU Asset impairment is the difference between the existing lease terms and rates and the expected sub-lease terms and rates available in the market. The Other category includes restructuring-related costs, which are expensed as incurred, as well as other obligations related to the leased office space that will be satisfied over the remainder of the lease term. The restructuring charges and adjustments were included in Selling, General, and Administrative in the Condensed Consolidated Statements of Comprehensive Income. Restructuring expenses consisted of the following: Three Months Ended Six Months Ended June 30, 2024 2024 Severance and one-time employee benefits $ 23,837 $ 25,275 Asset Impairments 9,671 9,671 Other 5,519 7,519 $ 39,027 $ 42,465 The following unpaid balance as of June 30, 2024 was recorde d to Accounts Payable and Accrued Liabilities on the Condensed Consolidated Balance Sheet: Severance and related costs Other Total Balance as of December 31, 2023 $ — $ — $ — Charges and Adjustments 25,275 7,519 $ 32,793 Payments (4,321) (2,000) $ (6,321) Balance as of June 30, 2024 $ 20,954 $ 5,519 $ 26,472

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Potentially issuable shares of common stock include shares issuable upon the exercise of outstanding employee stock option awards, common stock issuable under the ESPP, unvested RSUs and contingent issuances of common stock related to the Company’s convertible debt. The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net Income, basic $ 107,174 $ 56,040 $ 195,836 $ 106,892 Add: Interest expense, net of tax, on the Company's convertible debt 2,769 937 5,538 1,873 Net Income, diluted $ 109,943 $ 56,977 $ 201,374 $ 108,765 Denominator: Weighted-average common shares outstanding, basic 190,114 187,948 189,490 187,311 Effect of dilutive securities: Common stock issuable under the Company's equity incentive plans 2,056 3,080 2,312 3,475 Common stock issuable under the Company’s convertible debt (1) 8,335 3,970 8,335 3,970 Weighted-average common shares outstanding, diluted 200,505 194,998 200,137 194,756 Earnings per common share, basic $ 0.56 $ 0.30 $ 1.03 $ 0.57 Earnings per common share, diluted $ 0.55 $ 0.29 $ 1.01 $ 0.56 In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Common stock issuable under the Company's equity incentive plans 10,362 8,716 10,106 8,321 Common stock issuable under the Company’s convertible debt (1) — 4,365 — 4,365 Total number of potentially issuable shares 10,362 13,081 10,106 12,686 (1) If converted, the Company would issue 4.0 million shares under the 2024 Notes and 4.4 million shares under the 2027 Notes. For additional discussion of the Company’s convertible debt, see Note 6 - Debt.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Contingencies From time to time the Company is involved in legal actions arising in the normal course of its business. The process of resolving matters through litigation or other means is inherently uncertain and it is possible that an unfavorable resolution of these matters could adversely affect the Company, its results of operations, financial condition or cash flows. The Company’s general practice is to expense legal fees as services are rendered in connection with legal matters, and to accrue for liabilities when losses are probable and reasonably estimable based on existing information. The Company accrues for the best estimate of a loss within a range; however, if no estimate in the range is better than any other, then the minimum amount in the range is accrued. Liabilities are evaluated and refined each reporting period as additional information is known. Any receivables for insurance recoveries for these liability claims are recorded as assets when it is probable that a recovery will be realized. As previously disclosed, the Company received a subpoena from the U.S. Department of Justice (DOJ) requesting that the Company produce certain documents regarding sponsored testing programs relating to VIMIZIM and NAGLAZYME. The Company has produced the requested documents in response to the subpoena and is cooperating fully. The Company is unable to make any assurances regarding the outcome of the investigation by the DOJ, or the impact, if any, that such investigation may have on the Company’s business, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Comprehensive Income or Condensed Consolidated Statements of Cash Flows. Contingent Payments As of June 30, 2024, the Company was subject to contingent payments, primarily comprised of development, regulatory and commercial milestones. Those considered reasonably possible totaled $495.6 million, of this amount the Company may pay up to $10.9 million over the next 12 months if certain contingencies are met. Other Commitments The Company uses experts and laboratories at universities and other institutions to perform certain R&D activities. These amounts are recorded as R&D expense as services are provided. In the normal course of business, the Company enters into various firm purchase commitments primarily to procure active pharmaceutical ingredients, certain inventory-related items and certain third-party R&D services, production services and facility construction services. The Company also has commitments related to enterprise resource planning (ERP) system implementation costs for which the Company is committed. As of June 30, 2024, such commitments were estimated at $473.0 million, of which $291.1 million is expected to be paid in 2024 as underlying goods and services are received. The Company has also licensed technology from third parties, for which it is required to pay royalties upon future sales, subject to certain annual minimums.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 107,174	$ 56,040	$ 195,836	$ 106,892

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BUSINESS OVERVIEW AND SIGNIFI_2

BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These Condensed Consolidated Financial Statements have been prepared pursuant to U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, although management believes that the disclosures herein are adequate to ensure that the information presented is not misleading. The Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or any other period.
Change in Presentation	Change in Presentation Effective January 1, 2024, the Company changed its presentation for foreign currency transaction gains and losses resulting from remeasurement and idle plant costs within its Condensed Consolidated Statements of Comprehensive Income. Effective with this change in presentation, foreign currency transaction gains and losses resulting from remeasurement are presented in Other Expense, Net and idle plant costs are presented in Cost of Sales. Prior to this change in presentation, both foreign currency transaction gains and losses resulting from remeasurement and idle plant costs were presented in Selling, General and Administrative (SG&A) expense. The Company believes that this change in presentation is preferable because the revised presentation is more consistent with how management measures the Company’s operating performance.
Use of Estimates	Use of Estimates U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q to determine if there were any subsequent events that occurred subsequent to the balance sheet date and prior to filing this Quarterly Report on Form 10-Q, that would require recognition or disclosure in the Condensed Consolidated Financial Statements. Further to this evaluation, the Company has included a subsequent event noted relating to the maturity and settlement of the Company’s convertible notes due in August 2024 that is discussed in Note 6 - Deb t .
Recent Accounting Pronouncements	Recent Accounting Pronouncements There have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (FASB) during the six months ended June 30, 2024, as compared to the recent accounting pronouncements described in Note 1 to the Company’s Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, that the Company believes are of significance or potential significance to the Company. The following paragraphs discuss new accounting pronouncements issued by the FASB, but not yet adopted by the Company. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Topic 280, Improvements to Reportable Segment Disclosures , to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The effective date for the update is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and should be applied on a retrospective basis to all periods presented. The Company is currently evaluating the effect of adopting the update on its related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes Topic 740, Improvements to Income Tax Disclosures . The guidance requires disclosure of disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of the update on its related disclosures.

BUSINESS OVERVIEW AND SIGNIFI_3

BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Changes in Prior Period Presentation	The following table reflects the impacts of the change in presentation for the prior periods presented. The change in presentation had no impact to Net Income, Total Stockholders’ Equity or earnings per share for the three and six months ended June 30, 2023. Three Months ended June 30, 2023 Six Months ended June 30, 2023 Cost of sales $ 2,537 $ 11,460 SG&A $ (9,233) $ (21,213) Total operating expenses $ (6,696) $ (9,753) Other expense, net $ 6,696 $ 9,753

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash, Cash Equivalents and Available-for-Sale Securities by Significant Investment Category	The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented: June 30, 2024 Amortized Cost Gross Gross Aggregate Fair Value Cash and Cash Equivalents Short-term Marketable Securities (1) Long-term Marketable Securities (2) Level 1: Cash $ 285,666 $ — $ — $ 285,666 $ 285,666 $ — $ — Level 2: Money market instruments 676,505 — — 676,505 676,505 — — Corporate debt securities 537,626 670 (1,460) 536,836 — 162,959 373,877 U.S. government agency securities 184,487 39 (966) 183,560 9,979 88,310 85,271 Asset-backed securities 98,958 105 (196) 98,867 932 97,935 Subtotal 1,497,576 814 (2,622) 1,495,768 686,484 252,201 557,083 Total $ 1,783,242 $ 814 $ (2,622) $ 1,781,434 $ 972,150 $ 252,201 $ 557,083 December 31, 2023 Amortized Cost Gross Gross Aggregate Fair Value Cash and Cash Equivalents Short-term Marketable Securities (1) Long-term Marketable Securities (2) Level 1: Cash $ 229,676 $ — $ — $ 229,676 $ 229,676 $ — $ — Level 2: Money market instruments 499,483 — — 499,483 499,483 — — Corporate debt securities 587,896 3,476 (1,996) 589,376 — 193,251 396,125 U.S. government agency securities 251,952 556 (1,140) 251,368 19,976 111,343 120,049 Commercial paper 20,076 5 — 20,081 5,992 14,089 — Asset-backed securities 94,744 351 (134) 94,961 — — 94,961 Subtotal 1,454,151 4,388 (3,270) 1,455,269 525,451 318,683 611,135 Total $ 1,683,827 $ 4,388 $ (3,270) $ 1,684,945 $ 755,127 $ 318,683 $ 611,135 (1) The Company’s short-term marketable securities mature in one year or less. (2) The Company’s long-term marketable securities mature between one

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventory consisted of the following: June 30, December 31, Raw materials $ 154,153 $ 155,704 Work-in-process 605,770 571,107 Finished goods 423,698 380,372 Total inventory $ 1,183,621 $ 1,107,183
Schedule of Property, Plant and Equipment, Net	Property, Plant and Equipment, Net consisted of the following: June 30, December 31, Property, plant and equipment, gross $ 1,962,948 $ 1,933,222 Accumulated depreciation (910,050) (867,089) Total property, plant and equipment, net $ 1,052,898 $ 1,066,133
Schedule of Intangible Assets, Net	Intangible Assets, Net consisted of the following: June 30, December 31, Finite-lived intangible assets $ 710,533 $ 710,011 Accumulated amortization (445,000) (415,310) Net carrying value $ 265,533 $ 294,701
Schedule of Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities consisted of the following: June 30, December 31, Accounts payable and accrued operating expenses $ 257,412 $ 315,509 Accrued compensation expense 147,737 201,067 Accrued rebates payable 113,432 96,179 Accrued income taxes 18,864 2,651 Lease liability 10,689 8,779 Foreign currency exchange forward contracts 7,684 33,853 Accrued royalties payable 7,667 14,299 Deferred revenue 1,912 4,620 Other 7,103 6,190 Total accounts payable and accrued liabilities $ 572,500 $ 683,147

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	Level 2 assets and liabilities that are remeasured using significant observable inputs consisted of the following: June 30, 2024 December 31, 2023 Assets: Other current assets: NQDC Plan assets $ 2,649 $ 2,026 Other assets: NQDC Plan assets 33,112 28,119 Restricted investments (1) 2,419 2,393 Total other assets 35,531 30,512 Total assets $ 38,180 $ 32,538 Liabilities: Current liabilities: NQDC Plan liability $ 2,649 $ 2,026 Other long-term liabilities: NQDC Plan liability 33,112 28,119 Total liabilities $ 35,761 $ 30,145 (1) The restricted investments as of June 30, 2024 and December 31, 2023 secure the Company's irrevocable standby letters of credit obtained in connection with certain commercial agreements.

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Aggregate Notional Amounts for the Derivatives Outstanding	The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented. Forward Contracts June 30, December 31, Derivatives designated as hedging instruments: Sell $ 1,086,980 $ 1,249,662 Purchase $ 192,162 $ 198,408 Derivatives not designated as hedging instruments: Sell $ 281,438 $ 350,269 Purchase $ 28,824 $ 90,102
Schedule of Fair Value Carrying Amounts of Derivatives	The fair value carrying amounts of the Company’s derivatives, which are classified as Level 2 within the fair value hierarchy, were as follows: Balance Sheet Location June 30, December 31, Derivatives designated as hedging instruments: Asset Derivatives Other current assets $ 27,599 $ 6,663 Other assets 8,236 1,855 Subtotal $ 35,835 $ 8,518 Liability Derivatives Accounts payable and accrued liabilities $ 6,407 $ 30,005 Other long-term liabilities 1,257 8,171 Subtotal $ 7,664 $ 38,176 Derivatives not designated as hedging instruments: Asset Derivatives Other current assets $ 2,352 $ 547 Liability Derivatives Accounts payable and accrued liabilities $ 1,277 $ 3,848 Total Derivatives Assets $ 38,187 $ 9,065 Total Derivatives Liabilities $ 8,941 $ 42,024
Schedule of Impact of Gains and Losses from Derivatives Designated and Not Designated as Hedging Instruments	The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Statements of Comprehensive Income for the periods presented. Three Months Ended Six Months Ended June 30, 2024 2023 2024 2023 Derivatives Designated as Cash Flow Hedging Instruments Cash Flow Hedging Gains (Losses) Cash Flow Hedging Gains (Losses) Cash Flow Hedging Gains (Losses) Cash Flow Hedging Gains (Losses) Net product revenues $ 3,371 $ 677 $ 2,252 $ 4,147 Operating expenses $ (190) $ (26) $ 314 $ (482) Derivatives Not Designated as Hedging Instruments Gains (Losses) Recognized in Earnings Gains (Losses) Recognized in Earnings Gains (Losses) Recognized in Earnings Gains (Losses) Recognized in Earnings Operating expenses $ 13,812 $ 769 $ 21,541 $ (3,394)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Convertible Debt	The following table summarizes information regarding the Company’s convertible debt: June 30, December 31, 0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) $ 495,000 $ 495,000 Unamortized discount net of deferred offering costs (163) (1,123) 2024 Notes, net (1) 494,837 493,877 1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes) 600,000 600,000 Unamortized discount net of deferred offering costs (5,884) (6,905) 2027 Notes, net 594,116 593,095 Total convertible debt, net $ 1,088,953 $ 1,086,972 Fair value of fixed-rate convertible debt (2) : 2024 Notes $ 492,447 $ 488,288 2027 Notes 576,102 619,260 Total fair value of fixed-rate convertible debt $ 1,068,549 $ 1,107,548 (1) The Company’s convertible notes due in 2024 matured on August 1, 2024, subsequent to quarter-end. Substantially all holders of the 2024 Notes were repaid with cash, totaling approximately $495.0 million. No gain or loss was incurred upon the extinguishment. (2) The fair value of the Company’s fixed-rate convertible debt is based on open-market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Schedule of Interest Expense on Convertible Debt	Interest expense on the Company’s convertible debt consisted of the following: Three Months Ended Six Months Ended 2024 2023 2024 2023 Coupon interest expense $ 2,617 $ 2,617 $ 5,233 $ 5,233 Accretion of discount on convertible notes 843 834 1,684 1,673 Amortization of debt issuance costs 148 149 297 297 Total interest expense on convertible debt $ 3,608 $ 3,600 $ 7,214 $ 7,203

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Balances of AOCI Including Current Period Other Comprehensive Income and Reclassifications Out of AOCI	The following tables summarize changes in the accumulated balances for each component of AOCI, including current-period other comprehensive income and reclassifications out of AOCI, for the periods presented. Three Months Ended June 30, 2024 Unrealized Gains Unrealized Gains Total AOCI balance as of March 31, 2024 $ (183) $ (863) $ (1,046) Other comprehensive income (loss) before 31,551 (684) 30,867 Less: gain (loss) reclassified from AOCI 3,181 — 3,181 Tax effect — 159 159 Net current-period other comprehensive income (loss) 28,370 (525) 27,845 AOCI balance as of June 30, 2024 $ 28,187 $ (1,388) $ 26,799 Three Months Ended June 30, 2023 Unrealized Gains Unrealized Gains Total AOCI balance as of March 31, 2023 $ (2,647) $ (8,075) $ (10,722) Other comprehensive income (loss) before (6,737) (661) (7,398) Less: gain (loss) reclassified from AOCI 651 — 651 Tax effect — 154 154 Net current-period other comprehensive income (loss) (7,388) (507) (7,895) AOCI balance as of June 30, 2023 $ (10,035) $ (8,582) $ (18,617) Six Months Ended June 30, 2024 Unrealized Gains Unrealized Gains Total AOCI balance as of December 31, 2023 $ (29,658) $ 870 $ (28,788) Other comprehensive income (loss) before 60,411 (2,926) 57,485 Less: gain (loss) reclassified from AOCI 2,566 — 2,566 Tax effect — 668 668 Net current-period other comprehensive income (loss) 57,845 (2,258) 55,587 AOCI balance as of June 30, 2024 $ 28,187 $ (1,388) $ 26,799 Six Months Ended June 30, 2023 Unrealized Gains Unrealized Gains Total AOCI balance as of December 31, 2022 $ 8,226 $ (12,093) $ (3,867) Other comprehensive income (loss) before (14,596) 4,586 (10,010) Less: gain (loss) reclassified from AOCI 3,665 — 3,665 Tax effect — (1,075) (1,075) Net current-period other comprehensive income (loss) (18,261) 3,511 (14,750) AOCI balance as of June 30, 2023 $ (10,035) $ (8,582) $ (18,617)

REVENUE, CREDIT CONCENTRATION_2

REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Concentration Risk And Geographic Information [Abstract]
Schedule of Disaggregation of Total Net Product Revenues by Product	The following table presents Total Revenues and disaggregates Net Product Revenues by product. Three Months Ended Six Months Ended 2024 2023 2024 2023 VOXZOGO $ 183,923 $ 113,337 $ 336,812 $ 201,173 VIMIZIM 178,016 177,392 370,536 366,584 NAGLAZYME 132,049 90,103 237,678 213,124 PALYNZIQ 88,291 74,868 164,000 137,220 BRINEURA 45,309 38,058 84,356 77,202 ALDURAZYME 38,558 40,318 73,820 74,721 KUVAN 28,551 50,622 64,461 101,100 ROCTAVIAN 7,432 — 8,281 — Total net product revenues 702,129 584,698 1,339,944 1,171,124 Royalty and other revenues 9,900 10,577 20,918 20,566 Total revenues $ 712,029 $ 595,275 $ 1,360,862 $ 1,191,690
Schedule of Disaggregation of Total Net Product Revenues by Geographic Region	The table below disaggregates total Net Product Revenues by geographic region, which is based on patient location for the Company's commercial products sold directly by the Company, except for ALDURAZYME, which is marketed and sold exclusively by Sanofi worldwide. Three Months Ended Six Months Ended 2024 2023 2024 2023 United States $ 227,449 $ 191,655 $ 420,448 $ 358,439 Europe 220,990 183,434 416,738 344,126 Latin America 84,418 75,444 163,012 143,192 Middle East 49,701 25,630 106,776 117,272 Rest of world 81,013 68,217 159,150 133,374 Total net product revenues marketed by the Company $ 663,571 $ 544,380 $ 1,266,124 $ 1,096,403 ALDURAZYME net product revenues marketed by Sanofi 38,558 40,318 73,820 74,721 Total net product revenues $ 702,129 $ 584,698 $ 1,339,944 $ 1,171,124
Schedule of Total Net Product Revenue Concentrations Attributed to Largest Customers	The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented. Three Months Ended Six Months Ended 2024 2023 2024 2023 Customer A 14 % 15 % 14 % 15 % Customer B 11 % 12 % 11 % 11 % Customer C 10 % 10 % 9 % 9 % Total 35 % 37 % 34 % 35 %

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Compensation expense included in the Company’s Condensed Consolidated Statements of Comprehensive Income for all stock-based compensation arrangements was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of sales $ 3,774 $ 4,721 $ 7,018 $ 9,052 Research and development 12,935 15,055 33,612 34,883 Selling, general and administrative 31,205 30,386 65,533 59,922 Total stock-based compensation expense $ 47,914 $ 50,162 $ 106,163 $ 103,857

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Summary of Restructuring and Related Costs	Restructuring expenses consisted of the following: Three Months Ended Six Months Ended June 30, 2024 2024 Severance and one-time employee benefits $ 23,837 $ 25,275 Asset Impairments 9,671 9,671 Other 5,519 7,519 $ 39,027 $ 42,465
Schedule of Restructuring Reserve Activity	Severance and related costs Other Total Balance as of December 31, 2023 $ — $ — $ — Charges and Adjustments 25,275 7,519 $ 32,793 Payments (4,321) (2,000) $ (6,321) Balance as of June 30, 2024 $ 20,954 $ 5,519 $ 26,472

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Common Share	The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net Income, basic $ 107,174 $ 56,040 $ 195,836 $ 106,892 Add: Interest expense, net of tax, on the Company's convertible debt 2,769 937 5,538 1,873 Net Income, diluted $ 109,943 $ 56,977 $ 201,374 $ 108,765 Denominator: Weighted-average common shares outstanding, basic 190,114 187,948 189,490 187,311 Effect of dilutive securities: Common stock issuable under the Company's equity incentive plans 2,056 3,080 2,312 3,475 Common stock issuable under the Company’s convertible debt (1) 8,335 3,970 8,335 3,970 Weighted-average common shares outstanding, diluted 200,505 194,998 200,137 194,756 Earnings per common share, basic $ 0.56 $ 0.30 $ 1.03 $ 0.57 Earnings per common share, diluted $ 0.55 $ 0.29 $ 1.01 $ 0.56
Schedule of Anti-Dilutive Common Stock Excluded from Computation of Diluted Earnings Per Share	In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Common stock issuable under the Company's equity incentive plans 10,362 8,716 10,106 8,321 Common stock issuable under the Company’s convertible debt (1) — 4,365 — 4,365 Total number of potentially issuable shares 10,362 13,081 10,106 12,686 (1) If converted, the Company would issue 4.0 million shares under the 2024 Notes and 4.4 million shares under the 2027 Notes. For additional discussion of the Company’s convertible debt, see Note 6 - Debt.

BUSINESS OVERVIEW AND SIGNIFI_4

BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ 130,459	$ 130,619	$ 255,639	$ 266,091
Selling, general and administrative	263,032	206,103	488,938	417,126
Total operating expenses	591,577	529,709	1,151,948	1,063,720
Other expense, net	$ (4,527)	(3,613)	$ (3,260)	(17,500)
Revision of Prior Period, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales		2,537		11,460
Selling, general and administrative		(9,233)		(21,213)
Total operating expenses		(6,696)		(9,753)
Other expense, net		$ 6,696		$ 9,753

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Cash, Cash Equivalents and Available-for-Sale Securities by Significant Investment Category (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,783,242	$ 1,683,827
Gross Unrealized Gains	814	4,388
Gross Unrealized Losses	(2,622)	(3,270)
Aggregate Fair Value	1,781,434	1,684,945
Cash and Cash Equivalents	972,150	755,127	[1]
Short-term marketable securities	252,201	318,683	[1]
Long-term marketable securities	$ 557,083	$ 611,135	[1]
Maximum
Schedule of Available-for-sale Securities [Line Items]
Short term marketable securities maturity period	1 year	1 year
Long term marketable securities maturity period	5 years	5 years
Minimum
Schedule of Available-for-sale Securities [Line Items]
Long term marketable securities maturity period	1 year	1 year
Level 1:
Schedule of Available-for-sale Securities [Line Items]
Cash	$ 285,666	$ 229,676
Cash, aggregate fair value	285,666	229,676
Level 2:
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,497,576	1,454,151
Gross Unrealized Gains	814	4,388
Gross Unrealized Losses	(2,622)	(3,270)
Aggregate Fair Value	1,495,768	1,455,269
Cash and Cash Equivalents	686,484	525,451
Short-term marketable securities	252,201	318,683
Long-term marketable securities	557,083	611,135
Level 2: | Money market instruments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	676,505	499,483
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Aggregate Fair Value	676,505	499,483
Cash and Cash Equivalents	676,505	499,483
Short-term marketable securities	0	0
Long-term marketable securities	0	0
Level 2: | Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	537,626	587,896
Gross Unrealized Gains	670	3,476
Gross Unrealized Losses	(1,460)	(1,996)
Aggregate Fair Value	536,836	589,376
Cash and Cash Equivalents	0	0
Short-term marketable securities	162,959	193,251
Long-term marketable securities	373,877	396,125
Level 2: | U.S. government agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	184,487	251,952
Gross Unrealized Gains	39	556
Gross Unrealized Losses	(966)	(1,140)
Aggregate Fair Value	183,560	251,368
Cash and Cash Equivalents	9,979	19,976
Short-term marketable securities	88,310	111,343
Long-term marketable securities	85,271	120,049
Level 2: | Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		20,076
Gross Unrealized Gains		5
Gross Unrealized Losses		0
Aggregate Fair Value		20,081
Cash and Cash Equivalents		5,992
Short-term marketable securities		14,089
Long-term marketable securities		0
Level 2: | Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	98,958	94,744
Gross Unrealized Gains	105	351
Gross Unrealized Losses	(196)	(134)
Aggregate Fair Value	98,867	94,961
Cash and Cash Equivalents		0
Short-term marketable securities	932	0
Long-term marketable securities	$ 97,935	$ 94,961
[1] (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Equity investment impairment amount		$ 12.6
Strategic Investment | Fair Value, Measurements, Recurring
Schedule of Available-for-sale Securities [Line Items]
Strategic investments fair value	$ 6.7		$ 11.3
Strategic Investment | Fair Value, Nonrecurring
Schedule of Available-for-sale Securities [Line Items]
Equity securities decline amount	$ 4.5

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 154,153	$ 155,704
Work-in-process	605,770	571,107
Finished goods	423,698	380,372
Total inventory	$ 1,183,621	$ 1,107,183	[1]
[1] (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property, plant and equipment, gross	$ 1,962,948	$ 1,933,222
Accumulated depreciation	(910,050)	(867,089)
Total property, plant and equipment, net	$ 1,052,898	$ 1,066,133	[1]
[1] (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

SUPPLEMENTAL FINANCIAL STATEM_5

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 11.5		$ 9.4	$ 24.1	$ 19.7
Milestone payments received		$ 10

SUPPLEMENTAL FINANCIAL STATEM_6

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finite-lived intangible assets	$ 710,533	$ 710,011
Accumulated amortization	(445,000)	(415,310)
Net carrying value	$ 265,533	$ 294,701

SUPPLEMENTAL FINANCIAL STATEM_7

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable and accrued operating expenses	$ 257,412	$ 315,509
Accrued compensation expense	147,737	201,067
Accrued rebates payable	113,432	96,179
Accrued income taxes	18,864	2,651
Lease liability	10,689	8,779
Foreign currency exchange forward contracts	7,684	33,853
Accrued royalties payable	7,667	14,299
Deferred revenue	1,912	4,620
Other	7,103	6,190
Accounts payable and accrued liabilities	$ 572,500	$ 683,147	[1]
[1] (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets remeasured	$ 0	$ 0
Financial liabilities remeasured	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets remeasured	0	0
Financial liabilities remeasured	0	0
Level 2 | Fair Value, Measurements, Recurring
Assets:
Fair value of other assets	35,531,000	30,512,000
Fair value of total financial assets	38,180,000	32,538,000
Liabilities:
Fair value of total financial liabilities	35,761,000	30,145,000
Level 2 | Fair Value, Measurements, Recurring | NQDC Plan liability
Liabilities:
Fair value of other current liabilities	2,649,000	2,026,000
Fair value of other long-term liabilities	33,112,000	28,119,000
Level 2 | Fair Value, Measurements, Recurring | NQDC Plan assets
Assets:
Fair value of other current assets	2,649,000	2,026,000
Fair value of other assets	33,112,000	28,119,000
Level 2 | Fair Value, Measurements, Recurring | Restricted Investments
Assets:
Fair value of other assets	$ 2,419,000	$ 2,393,000

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Unrealized gains reclassified from AOCI to earnings over the next 12 months	$ 21.2
Derivatives designated as hedging instruments:
Derivative [Line Items]
Maturity of derivatives	24 months
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Maturity of derivatives	3 months

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Aggregate Notional Amounts for the Derivatives Outstanding (Details) - Forward Foreign Exchange Contracts - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives designated as hedging instruments: | Sell
Derivative [Line Items]
Notional amount	$ 1,086,980	$ 1,249,662
Derivatives designated as hedging instruments: | Purchase
Derivative [Line Items]
Notional amount	192,162	198,408
Derivatives not designated as hedging instruments: | Sell
Derivative [Line Items]
Notional amount	281,438	350,269
Derivatives not designated as hedging instruments: | Purchase
Derivative [Line Items]
Notional amount	$ 28,824	$ 90,102

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Fair Value Carrying Amounts of Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Asset Derivatives	$ 38,187	$ 9,065
Liability Derivatives	8,941	42,024
Level 2: | Derivatives designated as hedging instruments:
Derivative [Line Items]
Asset Derivatives	35,835	8,518
Liability Derivatives	7,664	38,176
Level 2: | Derivatives designated as hedging instruments: | Other current assets
Derivative [Line Items]
Asset Derivatives	27,599	6,663
Level 2: | Derivatives designated as hedging instruments: | Other assets
Derivative [Line Items]
Asset Derivatives	8,236	1,855
Level 2: | Derivatives designated as hedging instruments: | Accounts payable and accrued liabilities
Derivative [Line Items]
Liability Derivatives	6,407	30,005
Level 2: | Derivatives designated as hedging instruments: | Other long-term liabilities
Derivative [Line Items]
Liability Derivatives	1,257	8,171
Level 2: | Derivatives not designated as hedging instruments: | Other current assets
Derivative [Line Items]
Asset Derivatives	2,352	547
Level 2: | Derivatives not designated as hedging instruments: | Accounts payable and accrued liabilities
Derivative [Line Items]
Liability Derivatives	$ 1,277	$ 3,848

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Impact of Gains and Losses from Derivatives Designated and Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivatives designated as hedging instruments: | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Operating expenses
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Cash Flow Hedging Instruments	$ (190)	$ (26)	$ 314	$ (482)
Derivatives designated as hedging instruments: | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Net product revenues
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Cash Flow Hedging Instruments	3,371	677	2,252	4,147
Derivatives not designated as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Not Designated as Hedging Instruments	$ 13,812	$ 769	$ 21,541	$ (3,394)

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Billions	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Carrying value of equity component	$ 1.1

DEBT - Schedule of Convertible

DEBT - Schedule of Convertible Debt (Details) - USD ($)	Aug. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Convertible notes		$ 1,100,000,000
Convertible debt, current		494,837,000	$ 493,877,000	[1]
Convertible debt, noncurrent		594,116,000	593,095,000	[1]
Total convertible debt, net		1,088,953,000	1,086,972,000
Total fair value of fixed-rate convertible debt		$ 1,068,549,000	$ 1,107,548,000
$0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
Debt Instrument [Line Items]
Convertible notes stated rate		0.599%	0.599%
Convertible notes		$ 495,000,000	$ 495,000,000
Unamortized discount net of deferred offering costs		(163,000)	(1,123,000)
Convertible debt, current		494,837,000	493,877,000
Total fair value of fixed-rate convertible debt		$ 492,447,000	$ 488,288,000
$0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) | Subsequent Event
Debt Instrument [Line Items]
Debt repayments	$ 495,000,000
Gain (loss) on extinguishment of debt	$ 0
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
Debt Instrument [Line Items]
Convertible notes stated rate		1.25%	1.25%
Convertible notes		$ 600,000,000	$ 600,000,000
Unamortized discount net of deferred offering costs		(5,884,000)	(6,905,000)
Convertible debt, noncurrent		594,116,000	593,095,000
Total fair value of fixed-rate convertible debt		$ 576,102,000	$ 619,260,000
[1] (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

DEBT - Schedule of Interest Exp

DEBT - Schedule of Interest Expense on Convertible Debt (Details) - Convertible Senior Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Interest Expenses [Line Items]
Coupon interest expense	$ 2,617	$ 2,617	$ 5,233	$ 5,233
Accretion of discount on convertible notes	843	834	1,684	1,673
Amortization of debt issuance costs	148	149	297	297
Total interest expense on convertible debt	$ 3,608	$ 3,600	$ 7,214	$ 7,203

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	[1]	$ 5,073,816	$ 4,659,043	$ 4,951,549	[2]	$ 4,603,156
Other comprehensive income (loss) before      reclassifications		30,867	(7,398)	57,485		(10,010)
Less: gain (loss) reclassified from AOCI		3,181	651	2,566		3,665
Tax effect		159	154	668		(1,075)
Net current-period other comprehensive income (loss)		27,845	(7,895)	55,587		(14,750)
Ending balances		5,286,299	4,782,827	5,286,299		4,782,827
AOCI attributable to parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	[1]	(1,046)	(10,722)	(28,788)		(3,867)
Net current-period other comprehensive income (loss)		27,845	(7,895)	55,587		(14,750)
Ending balances		26,799	(18,617)	26,799		(18,617)
Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances		(183)	(2,647)	(29,658)		8,226
Other comprehensive income (loss) before      reclassifications		31,551	(6,737)	60,411		(14,596)
Less: gain (loss) reclassified from AOCI		3,181	651	2,566		3,665
Tax effect		0	0	0		0
Net current-period other comprehensive income (loss)		28,370	(7,388)	57,845		(18,261)
Ending balances		28,187	(10,035)	28,187		(10,035)
Unrealized Gains (Losses) on Available-for-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances		(863)	(8,075)	870		(12,093)
Other comprehensive income (loss) before      reclassifications		(684)	(661)	(2,926)		4,586
Less: gain (loss) reclassified from AOCI		0	0	0		0
Tax effect		159	154	668		(1,075)
Net current-period other comprehensive income (loss)		(525)	(507)	(2,258)		3,511
Ending balances		$ (1,388)	$ (8,582)	$ (1,388)		$ (8,582)
[1] The beginning balances for the six-month periods were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024. (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

REVENUE, CREDIT CONCENTRATION_3

REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Concentration Risk And Geographic Information [Line Items]
Number of operating business segment | segment	1
Accounts receivable, net	$ 691,232	$ 633,704	[1]
Sanofi
Concentration Risk And Geographic Information [Line Items]
Accounts receivable, net	$ 67,100	$ 63,400
Credit Concentration Risk | Accounts Receivable | Customer One
Concentration Risk And Geographic Information [Line Items]
Concentration risk, percentage	15%	15%
Credit Concentration Risk | Accounts Receivable | Customer Two
Concentration Risk And Geographic Information [Line Items]
Concentration risk, percentage	12%	12%
Credit Concentration Risk | Accounts Receivable | Customer Three
Concentration Risk And Geographic Information [Line Items]
Concentration risk, percentage	10%
[1] (1) December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

REVENUE, CREDIT CONCENTRATION_4

REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION - Schedule of Disaggregation of Total Net Product Revenues by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Revenue	$ 712,029	$ 595,275	$ 1,360,862	$ 1,191,690
Product
Revenue from External Customer [Line Items]
Revenue	702,129	584,698	1,339,944	1,171,124
VOXZOGO
Revenue from External Customer [Line Items]
Revenue	183,923	113,337	336,812	201,173
VIMIZIM
Revenue from External Customer [Line Items]
Revenue	178,016	177,392	370,536	366,584
NAGLAZYME
Revenue from External Customer [Line Items]
Revenue	132,049	90,103	237,678	213,124
PALYNZIQ
Revenue from External Customer [Line Items]
Revenue	88,291	74,868	164,000	137,220
BRINEURA
Revenue from External Customer [Line Items]
Revenue	45,309	38,058	84,356	77,202
ALDURAZYME
Revenue from External Customer [Line Items]
Revenue	38,558	40,318	73,820	74,721
KUVAN
Revenue from External Customer [Line Items]
Revenue	28,551	50,622	64,461	101,100
ROCTAVIAN
Revenue from External Customer [Line Items]
Revenue	7,432	0	8,281	0
Royalty and other revenues
Revenue from External Customer [Line Items]
Revenue	$ 9,900	$ 10,577	$ 20,918	$ 20,566

REVENUE, CREDIT CONCENTRATION_5

REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION - Schedule of Disaggregation of Total Net Product Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 712,029	$ 595,275	$ 1,360,862	$ 1,191,690
ALDURAZYME
Disaggregation of Revenue [Line Items]
Revenue	38,558	40,318	73,820	74,721
Product
Disaggregation of Revenue [Line Items]
Revenue	702,129	584,698	1,339,944	1,171,124
Marketed by Company | Products excluding ALDURAZYME
Disaggregation of Revenue [Line Items]
Revenue	663,571	544,380	1,266,124	1,096,403
Marketed by Company | Products excluding ALDURAZYME | United States
Disaggregation of Revenue [Line Items]
Revenue	227,449	191,655	420,448	358,439
Marketed by Company | Products excluding ALDURAZYME | Europe
Disaggregation of Revenue [Line Items]
Revenue	220,990	183,434	416,738	344,126
Marketed by Company | Products excluding ALDURAZYME | Latin America
Disaggregation of Revenue [Line Items]
Revenue	84,418	75,444	163,012	143,192
Marketed by Company | Products excluding ALDURAZYME | Middle East
Disaggregation of Revenue [Line Items]
Revenue	49,701	25,630	106,776	117,272
Marketed by Company | Products excluding ALDURAZYME | Rest of world
Disaggregation of Revenue [Line Items]
Revenue	81,013	68,217	159,150	133,374
Marketed by Sanofi | ALDURAZYME
Disaggregation of Revenue [Line Items]
Revenue	$ 38,558	$ 40,318	$ 73,820	$ 74,721

REVENUE, CREDIT CONCENTRATION_6

REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION - Schedule of Total Net Product Revenue Concentrations Attributed to Largest Customers (Details) - Customer Concentration Risk - Net Product Revenue	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Customer A, B & C
Concentration Risk [Line Items]
Concentration risk, percentage	35%	37%	34%	35%
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	14%	15%	14%	15%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	11%	12%	11%	11%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	10%	10%	9%	9%

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 47,914	$ 50,162	$ 106,163	$ 103,857
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,774	4,721	7,018	9,052
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	12,935	15,055	33,612	34,883
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 31,205	$ 30,386	$ 65,533	$ 59,922

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details) - 2024 Workforce Reduction Plan	6 Months Ended
	Jun. 30, 2024 employee
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated	170
Percentage of workforce expected to be eliminated	5%

RESTRUCTURING - Schedule of Res

RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - 2024 Workforce Reduction Plan - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Severance and one-time employee benefits	$ 23,837	$ 25,275
Asset Impairments	9,671	9,671
Other	5,519	7,519
Restructuring expenses	$ 39,027	$ 42,465

RESTRUCTURING - Schedule of R_2

RESTRUCTURING - Schedule of Restructuring Activity (Details) - 2024 Workforce Reduction Plan $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Charges and Adjustments	32,793
Payments	(6,321)
Ending balance	26,472
Severance and related costs
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges and Adjustments	25,275
Payments	(4,321)
Ending balance	20,954
Other
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges and Adjustments	7,519
Payments	(2,000)
Ending balance	$ 5,519

EARNINGS PER COMMON SHARE - Sch

EARNINGS PER COMMON SHARE - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income, basic	$ 107,174	$ 56,040	$ 195,836	$ 106,892
Add: Interest expense, net of tax, on the Company's convertible debt	2,769	937	5,538	1,873
Net Income, diluted	$ 109,943	$ 56,977	$ 201,374	$ 108,765
Denominator:
Weighted-average common shares outstanding, basic (in shares)	190,114	187,948	189,490	187,311
Effect of dilutive securities:
Weighted-average common shares outstanding, diluted (in shares)	200,505	194,998	200,137	194,756
Earnings per common share, basic (in dollars per share)	$ 0.56	$ 0.30	$ 1.03	$ 0.57
Earnings per common share, diluted (in dollars per share)	$ 0.55	$ 0.29	$ 1.01	$ 0.56
Common stock issuable under the Company's equity incentive plans
Effect of dilutive securities:
Effect of dilutive securities (in shares)	2,056	3,080	2,312	3,475
Common stock issuable under the Company’s convertible debt
Effect of dilutive securities:
Effect of dilutive securities (in shares)	8,335	3,970	8,335	3,970

EARNINGS PER COMMON SHARE - S_2

EARNINGS PER COMMON SHARE - Schedule of Anti-Dilutive Common Stock Excluded from Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total number of potentially issuable shares (in shares)	10,362	13,081	10,106	12,686
$0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) | Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares issued if converted (in shares)			4,000
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes) | Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares issued if converted (in shares)			4,400
Common stock issuable under the Company's equity incentive plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total number of potentially issuable shares (in shares)	10,362	8,716	10,106	8,321
Common stock issuable under the Company’s convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total number of potentially issuable shares (in shares)	0	4,365	0	4,365

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent payments upon achievement of certain development and regulatory activities and commercial sales and licensing milestones	$ 495.6
Contingent payments reasonably possible upon achievement of certain development and regulatory activities commercial sales and licensing milestones, to be paid next 12 months	10.9
Purchase commitment	473
Purchase commitments expected to be paid in 2024	$ 291.1